Chrome Fille Edit View History Bookmarks People Window HelpD E HYPEBEAST. Drivin

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Chrome Fille Edit View History Bookmarks People Window HelpD E HYPEBEAST. Driving culture i × y D Chapter 7 ..> C| ezto.mheducation.com/hm.tpx ::: Apps ÷ PSU login HNetttx Congul LS Blog DatPiff Tyler M7-9 Reporting er Lower of Cost or Market [LO 7-4] The Jewel Fool had the following inventory items on hand at the end of the year Cost per Market Value per Necklaces Bracelets 10 50 $75 40 $ 70 60 Determine the lower of cost or market per unit and the total amount that should be reported on the sheet for each item of inventory Lower of Cost or Total Amount Market per unit Reported Bracelets Total References eBook & Resources Worksheet Difficulty: 1 Easy M7-9 Reporting Inventory under Lower of Cost or Market [LO 7-4 Learning Objective: 07-04 Report inventory at the lower of cost or market

Explanation / Answer

Lower of cost or market Total amount Necklaces 70 700 Bracelets 40 2000 Total 2700 2 Product Lower of cost or market Total amount Air flow 12 240 Blister Buster 38 2850 Coolonite 50 1750 Dudesly 30 300 Total 5140 Cost when acquired = (20*12)+(75*40)+(35*55)+(10*30)= 5465 Cost of goods sold will be higher by $325(5465-5140)

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